Analysis: Bitcoin has fallen back to $76k due to repeated fluctuations from Middle East tensions, as the Strait of Hormuz is closed again, triggering market volatility.

ME News Report, April 18 (UTC+8), due to the ongoing turmoil in the Middle East, Bitcoin prices have fallen back to around $76k. Previously, Iran announced the opening of the Strait of Hormuz, triggering a rise in risk assets and a large-scale short squeeze, but then closed the strait again, causing market sentiment to quickly reverse. Data shows that this round of market movement triggered one of the largest liquidation events since 2026, with approximately 168,336 traders being forced to liquidate, totaling $762 million, of which short positions accounted for about $593 million, nearly three-quarters. During the upward phase, crude oil prices once dropped nearly 10%, pushing Bitcoin through the critical resistance zone of $76k to $78k; but as the Strait of Hormuz re-entered military control, several oil tankers turned around, safe-haven sentiment increased, and prices retreated accordingly. Structurally, this rise was driven by long-term negative funding rates, with shorts continuously paying longs, accumulating squeeze conditions. Despite the short-term correction, Bitcoin’s weekly chart still maintains about a 4.5% increase, with mainstream assets like Ethereum performing relatively more steadily. Currently, market focus has shifted to the key support level of $76k; if the weekly close remains above this level, it may sustain a breakout structure; if it falls below, prices could return to the range of fluctuations since March. (Source: PANews)